Liechtenstein Scores Top Marks in Preventing Financial Fraud, Experts Say
Liechtenstein has been recognized as one of the top-performing European countries in combating money laundering and terrorist financing, according to a report by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) at the Council of Europe.
Strong Legal and Institutional Framework
The authorities in Liechtenstein have demonstrated a good understanding of the risks associated with money laundering and terrorism financing. The country’s legal and institutional framework is designed to facilitate effective investigation and prosecution of all types of money laundering. This includes:
- A comprehensive legal framework that prohibits money laundering and terrorist financing
- Effective cooperation with neighboring countries, including Switzerland and Austria
- Provision of international legal assistance
Financial Sector Takes Preventative Measures
Financial sector stakeholders in Liechtenstein have also taken steps to prevent financial fraud. Banks and major asset management firms have implemented sophisticated measures to counteract the risks associated with money laundering and terrorist financing.
- Implementing robust compliance standards
- Conducting regular risk assessments
- Reporting suspicious transactions
Strengthened Controls by Financial Market Authority (FMA)
The FMA has strengthened its controls, although it is still facing challenges due to staff shortages. Despite these challenges, the FMA remains committed to ensuring the integrity of Liechtenstein’s financial system.
Positive Assessment from Moneyval
Liechtenstein’s Prime Minister, Daniel Risch, welcomed the positive assessment from Moneyval, stating that the report confirms that Liechtenstein has put in place a robust and comprehensive system to combat money laundering and terrorism financing. Risch thanked all participants from the private and public sector for their efforts in preparing for the demanding assessment.
Effective Compliance Standards
The CEO of the Liechtenstein Bankers Association (LBA), Simon Tribelhorn, also praised the results, saying that they demonstrate the effectiveness of stringent compliance standards implemented by banks over many years. “This shows that our consistent efforts to combat money laundering and terrorist financing are having an impact and being noticed,” he stated.
Commitment to Preventing Financial Fraud
The report’s findings are a testament to Liechtenstein’s commitment to preventing financial fraud and ensuring the integrity of its financial system. As the country continues to work towards maintaining its high standards, it is clear that the authorities and financial sector stakeholders are dedicated to staying one step ahead of potential threats.